HONG KONG: Geely Group buys controlling stake in Geely Automobile

By just-auto.com editorial team | 10 May 2005

Geely Group has bought a controlling stake in Geely Automobile Holdings Ltd. for $HK153 million ($US19.6 million), fulfilling its goal to gain a listing in Hong Kong, Reuters reported.

Geely Group, owned by Chinese entrepreneur Li Shufu, was reported to have bought the remaining 68% interest in Proper Glory Holdings Ltd from Proper Glory's other shareholders at price representing about $HK0.09 per Geely Automotive share.

Geely Group will be the only shareholder of Proper Glory, which has a 60.7% stake in Geely Auto, after the deal, Reuters added.